Medicare Supplemental Insurance

Posts Tagged ‘J’

Bill H.R. 6331 made some changes to modernize the plans. Some changes, eliminations, and additions to the plans have been approved, however the states still have to addopt the changes and the companies will need to decide if they are going to offer the new plans, and if so get setup to do so.  So with the information below, please keep in mind it is estimated that these changes will take effect around June of 2010.  Information below is subject to change, and is for informational purposes only.

***NOTE***

THOSE OF YOU ALREADY ON PLAN J OR ANY OTHER PLAN BEING ELIMINATED WILL BE ALLOWED TO KEEP YOUR CURRENT PLAN, YOUR POLICY WILL NOT BE AFFECTED.  After the changes take place, the regulations will not allow anyone new to be placed into those plans that are eliminated, but those in those plans will be grandfathered in.  Call us with your concerns!

Even with the elimination of some plans, we still believe that Plan J currently gives you the best bang for your buck and suggest to get in now while you can if you qualify.   

The new regulations includes transition standards to permit companies to offer existing policyholders or certificate holders the opportunity to exchange their current policy for a new policy. Once we get closer to this time frame, give us a call and we can share the details of that process with you.

As for the NAIC Medicare Supplement Modernization Proposal suggest the elimination of unnecessary and duplicative plans:

• Elimination of Supplement plans H, I, J because these plans no longer offer the drug benefit.  The drug benefit was replaced with Medicare Part D.
• Supplement plan E will also be eliminated, because it becomes identical to a plan already available after the plan benefits are changed.

Modernization of benefits:

• The elimination of the At-Home Recovery benefit (which was offered only in Plans D, G, I, and J)
• The elimination of the Preventive Care Benefit (which was offered in plans E and J)
• Addition of a Hospice benefit as a Core benefit to every pan
• Replacement of the 80% Part B Excess Benefit in Plan G with a 100% coverage benefit

Plans M and N to be added as follows:

• New Plan M will include 50% coverage of the Medicare Part A deductible and does not cover the Medicare Part B deductible.
• New Plan N will not cover the Medicare Part B deductible and will add a new co-payment structure of $10 for each physician visit and $50 for each emergency room visit (which will be waived upon admission to the hospital)

If you are concerned about the changes in the system, give us a call so we can discuss your options.